Walgreen will cut 1,000 management jobs in 2009

DEERFIELD, Ill. (AP) -- Drugstore operator Walgreen Co. says it will cut 1,000 jobs this year, or about 9 percent of corporate management, through a combination of voluntary buyouts and layoffs.

The Deerfield-based company says the job cuts will come from corporate and field management and won't include store employees. The targeted workers will be able to resign or retire with severance pay and benefits based on their tenure.

Starting in February, the company will begin layoffs.

Walgreen didn't estimate the cost of the job cuts.

The job reductions are part of Walgreen's cost-cutting plan, which is intended to save the company $1 billion per year starting in fiscal 2011.